The new July 15 Tax deadline is quickly approaching. Are you ready? Let’s take a look at important tax information and tips you need to know.
New 2019 Tax Deadlines
Due to COVID-19, the filing deadline for 2019 tax returns has been extended from April 15 to July 15, 2020. This tax deadline extension applies to individual returns as well as corporate returns.
It’s important to note that the July 15 tax deadline extension is for federal taxes. State taxes might have a different deadline, so we recommend checking your state tax deadline.
Changes in 2019 Taxes
With our tax laws constantly evolving, it’s important to stay informed on the changes and how they impact you. Take a look at some tax changes that you may need to know.
Standard Deductions Increased Slightly
The standard deductions increased in 2019. For the 2019 tax year, the federal standard deduction for head of household, is $18,350, $24,400 if you’re a qualifying widowers or you’re married and you’re filing jointly, and $12,200 for single individuals and married couples filing separately,
There No Longer Is a Federal Penalty for Being Uninsured
Americans don’t have to worry about the federal penalty for being uninsured in 2019. However, some states implemented their own coverage mandates, which means you still could face a penalty for being uninsured on your state return. Massachusetts, Washington, DC and New Jersey have penalties in 2019. California and Rhode Island will have penalties as of 2020.
New Federal Tax Brackets
There are seven federal income tax brackets. Here’s what they are for 2019 and how they affect you.
| Tax rate | Single | Married, filing jointly | Married, filing separately | Head of household |
| 10% | $0 to $9,700 | $0 to $19,400 | $0 to $9,700 | $0 to $13,850 |
| 12% | $9,701 to $39,475 | $19,401 to $78,950 | $9,701 to $39,475 | $13,851 to $52,850 |
| 22% | $39,476 to $84,200 | $78,951 to $168,400 | $39,476 to $84,200 | $52,851 to $84,200 |
| 24% | $84,201 to $160,725 | $168,401 to $321,450 | $84,201 to $160,725 | $84,201 to $160,700 |
| 32% | $160,726 to $204,100 | $321,451 to $408,200 | $160,726 to $204,100 | $160,701 to $204,100 |
| 35% | $204,101 to $510,300 | $408,201 to $612,350 | $204,101 to $306,175 | $204,101 to $510,300 |
| 37% | $510,301 or more | $612,351 or more | $306,176 or more | $510,301 or more |
The United States has a progressive tax system, which ensures that all taxpayers pay the same rates on the same levels of taxable income. Regardless of which bracket you’re in, you won’t pay that tax rate on your entire income.
How to Get Ready Today to File 2019 Federal Income Tax Returns
1. Gather all of your tax documents.
To file your taxes, you’ll need to collect all your tax documents before you begin. This includes the following:
- W-2s
- 1099s
- Tax deductions
- Tax forms with other types of income
- Receipts
2. Look back on your year.
In addition to gathering your tax documents, take a moment to look back on your year. Here’s what you need to consider when filing your taxes.
- Changing jobs
- Opening a new savings account
- Selling stocks or mutual funds
- Paying college tuition or student loan interest
3. Contact a tax professional you trust.
If you attempt to file your taxes and are left scratching your head, our tax professionals can help you navigate your options. Contact US Tax Shield today for your free no obligation consultation.
Late on Your Tax Payments? We Can Help
If you are unable to pay your tax debt in full, you may qualify to have your debt settled for less than the full amount owed. The Tax Relief Experts at US Tax Shield perform this type of negotiation daily. Tax relief services are designed to help taxpayers who have fallen behind on their tax payments or are already facing aggressive collection actions by the IRS or state tax agency. If you owe money to the IRS or State, US Tax Shield can help you turn your situation around whether it’s a personal or business tax debt.
